Common payment methods of iGaming platforms in Africa
Many players dream of winning big. However, it is better to perceive online gambling, especially if you are a newbie, as a hobby to which you can dedicate a reasonable portion of your free time and budget
Things to Consider When Choosing a Payment Method
Many players dream of winning big. However, it is better to perceive online gambling, especially if you are a newbie, as a hobby to which you can dedicate a reasonable portion of your free time and budget. Still, considering you play with real money, there are critical factors that should be recognised when choosing a banking method.
Ease of Use
Opt for a payment method that doesn’t involve complex procedures and hard-to-understand terms and conditions. You would also want to know the specifics, like the deposit and withdrawal limits associated with a particular banking option, the processing times, and potential fees.
Availability
Online casinos, at least those aiming to become leaders in the industry, create offers that cater to various preferences. Therefore, when in search of an online casino, determine whether your preferred banking option is available on a given platform.
Also, some payment methods only allow major currencies. While objectively the American dollar still reigns supreme in many areas around the world, you have numerous other currencies that are being offered. On the African continent, for example, South African punters would want to know if their local online casinos cater to the rand, as deposits and payouts in the same currency ultimately benefit the player. This way they manage to avoid hefty conversion fees and prolonged transaction processing times.
Security
Creating an account on an online gambling site involves entering private and financial information. To ensure your data is secure and protected from unauthorized access, inform yourself about the security measures an online casino employs, for instance, whether it uses encryption.
Privacy
For some players, security means privacy. Choosing the payment method that ensures anonymity is the best option if you are among them.
The Most Popular Payment Methods: African Punters’ Choice
Credit and Debit Cards
Convenience is the word most associated with the most common credit and debit cards, be it Visa, MasterCard or Amex. They are widely accepted and easy to use. In most cases, they can be used to deposit and withdraw money on/from your online casino account.
The challenge of using credit or debit cards, or rather an obstacle, is the banks’ policies regarding payments associated with online gambling – many banks tend to prohibit them.
Those that allow such payments have strict rules, following the KYC protocols, which provide higher safety but also require longer processing times.
Prepaid Cards
A great alternative to debit or credit cards is a prepaid card. Players who don’t want to link their bank accounts to their online casino accounts opt for this payment option.
A prepaid card is easy to use – the only requirement is to enter a six-digit number of the card, and in just a couple of clicks, the funds you want to play with will be in your account (on the gambling platform).
E-Wallets
Another commonly used banking option among African punters is an e-wallet. Whether it is PayPal, Neteller, or Skrill, e-wallets have gained popularity due to the convenience and anonymity they offer.
Unlike credit or debit cards, when using an e-wallet, a player’s financial data is stored on a service provider’s server, not the gambling site. Such an option provides a higher level of security and anonymity to players.
The good thing about e-wallets is the option of linking as many credit cards as you want. However, players may not like the fees and processing times associated with using this option – these vary between service providers.
Cryptocurrencies
More and more online casinos accept cryptocurrencies, with players embracing the trend. What makes cryptocurrencies so appealing is their decentralized nature, meaning they don’t fall under any regulatory framework and are not controlled by any authority such as banks or governments.
This is both good and bad. It’s good because it ensures anonymity to players. It’s bad because there’s no official body to file a complaint in case of fraud.
In addition, cryptocurrencies are considered a safe payment method, as they use encryption. They are also easy to use, and the transactions are fast. What may not be as appealing are some of the associated fees when compared to traditional options.
Mobile Banking
Mobile gambling influenced the use of mobile banking. Those preferring to play online casino games on their smartphones use the convenience of mobile banking.
The requirement is to link a bank account to a phone number. If a player wants to fund an online casino account, they receive a security code or use a fingerprint to confirm their identity and complete the transaction.
Whether it’s a credit or prepaid card, e-wallet, mobile banking, or cryptocurrency (assuming they are available on your chosen gambling site), the questions a player must ask themself is – do I feel comfortable using it, and does it meet my needs? The option that covers both is the best choice for you.
